Bankruptcy & Restructuring News Headlines for Wednesday Jul 20, 2022

Here's what we are reading this morning:

Macy’s Expands WHP Global Partnership to Bring Toys “R” Us to Every Macy’s Store in America in Time for Holiday Season | Business Wire: Beginning late July and rolling out through October 15th, the in-store shops will range from 1,000 sq. feet and span up to 10,000 sq. feet in flagship locations in Atlanta, Chicago, Honolulu, Houston, Los Angeles, Miami, New York and San Francisco.

Armstrong Flooring Approved to Sell Operations for $197 Million: Armstrong Flooring Inc. won court approval to sell its operations to three different groups of buyers who will pay about $197 million in all.

Crypto Lender Babel Hires Kirkland as Adviser for Restructuring: Babel Finance, the Hong Kong-based crypto lender that froze withdrawals last month, has hired law firm Kirkland & Ellis to advise it on its restructuring, people with knowledge of the matter said.

Home Building Slipped in June for Second Straight Month - WSJ: Housing starts fell 2% to a seasonally adjusted 1.56 million, the Commerce Department said Tuesday. Economists surveyed by The Wall Street Journal expected housing starts to rise 1.4%.

Twitter wins fight to fast-track Elon Musk deal trial: The trial, in Delaware Chancery Court, will be much closer to Twitter's preferred timeline.

Analyzing The CeFi Wipeout - Bloomberg: Emily Nicolle speaks with Alston Zecha, partner at global venture fund Eight Roads, for his perspectives on how the crypto winter is affecting sentiment and markets.

July Report: 47% of SMBs In Jeopardy, Fear Closing By Fall - Alignable: Alignable's July Small Business Revenue Report shows that inflationary issues are placing 47% of SMBs in financial jeopardy this summer.

Ruby Pipeline Strikes Deal With Creditors On Bankruptcy Timeline: Bankrupt Ruby Pipeline LLC struck a last-minute deal with its creditors and bondholders that puts it on track to sell its nearly 700-mile natural gas pipeline and emerge from Chapter 11 by January.

OpEd: Looming Legal Issues in Cryptocurrency Bankruptcies | Adam Levitin: Novel issues likely to arise in cryptocurrency bankruptcies include the treatment of custodial funds, avoidance actions and plan feasibility.

OpEd: Cryptocurrency Winter Arrives | Adam Levitin: Cryptocurrency businesses face certain unique issues when dealing with financial distress and may find workouts or bankruptcy reorganizations challenging.

Rise of subscription sleepers: Over 43% of digital media subscribers become inactive the day after they subscribe, according to a new report, up from 39% in 2021. Why it matters: The rise of "subscription sleepers" is a grim signal for digital media companies looking to bolster subscription dollars as the growth in the ad market decelerates.

Charting New (and Familiar) Territory: The Voyager Crypto Bankruptcy | Mintz - Bankruptcy & Restructuring Viewpoints: Given the volatile nature of cryptocurrency, this bankruptcy is likely to set precedent with respect to valuing digital assets, related claims, and the ability to confirm a plan with cryptocurrency as a means for implementation.

Juul Rival NJOY Hires Bankers for Possible Sale - WSJ: Privately held NJOY, which emerged from bankruptcy protection in 2017, is majority-owned by New York hedge fund Mudrick Capital Management LP.

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